20 August 2010

Short the AUD/USD

The EUR/USD and AUD/USD has headed upwards on Friday however not strong enough to break through their highs of 1.333 and 0.922 respectively.

The Elliot Wave view is that the current forex characteristics suggests that the USD will strengthen in the coming weeks or months.

Other views on the AUD is that as a commodity currency, the world's insatiable appetite for resources will keep this cuurency strong together with the CAD.

I have placed a short on the AUD/USD in the meantime at 0.8984. I will feedback here how succesful this trade is. The AUD/USD is now 0.8938.

No comments:

Post a Comment